Brought on through the Inflation Reduction Act, which was signed into legislation in the fall of 2022, changes will be seen in 2025 specific to Medicare and Prescription Drug Coverage, explains Owner of Way Insurance Melissa Shepherd:
“The current max out of pocket on a prescription drug cart, so Medicare Part D, is $8,000, which honestly isn’t a factual number in you will, there are manufacturer rebates applied to that as well so many folks don’t have to meet the full $8,000, but the language is being changed to a $2,000 max out of pocket per year on the prescription drug side. That is a $6,000 difference, putting that risk back on the insurance companies to absorb. None of this is official, we don’t get to talk about plan specifics until this fall, but we are hearing from carriers and reps that there will be premium increases and we might see some higher co-pays for medications and a more significant difference between a preferred or standard pharmacy.”
Shepherd informs it is anticipated that 50 to 70 percent of folks enrolled in Medicare will be shopping for prescription drug coverage. Open enrollment begins October 15th and runs through December 7th.
